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Financial changes during divorce need to be explored

The financial changes that affect both parties during and after a divorce reach far beyond the amount ordered for alimony or child support. Understanding the unique changes that can impact each family is the first step to minimizing the financial shock and ensuring a smooth transition for all. Missouri couples can pre-plan and work with professionals who can provide invaluable tips as a divorce moves forward and even years after a final judgment, if need be.

One piece of advice for all parties is to track expenses. When it comes to splitting the cost of child rearing, technology may be an asset in order to keep track of who spends what on the child. Parents have to abide by court orders, but working together to use software to track extras may help ensure full accountability and compliance. For others, sharing financial information may be difficult, especially if there is a great deal of animosity. This could require court intervention to ensure that appropriate information is shared.

There may be other financial matters outside of child-related expenses to consider, including the fate of retirement accounts and insurance policies. Younger couples far from retirement may also want to learn more about potential Social Security benefits that they may be entitled to receive. Family law attorneys can help couples unravel and fairly split these assets, which may end up on the back burner if there is only a focus on alimony or child support.

A divorce can be convoluted as couples think about the immediate needs related to finances and changes that take place immediately. Deciding early on how to proceed with splitting assets and tracking expenses can help all involved have a firm grasp on what will occur and how each party will be affected. For those in Missouri who still struggle to work with the other party to pre-plan or fairly deal with financial changes, legal representatives can present viable options that can be customized to meet the individual needs of all involved.

Source: philly.com, "Investing in You: Financial help for the no-longer-married", Erin Arvedlund, May 31, 2015

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